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Summary Prospectus
North Carolina Tax-Exempt Bond Fund
AUGUST 1, 2011
Class / Ticker Symbol A / SNCIX I / CNCFX
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Before you invest, you may want to review the Funds
Prospectus and Statement of Additional Information, which
contain more information about the Fund and its risks. You can
find the Funds Prospectus, Statement of Additional
Information and other information about the Fund online at
www.ridgeworth.com/prospectus. You can also get this information
at no cost by calling the Funds at
1-888-784-3863
or by sending an email request to info@ridgeworth.com. The
current Prospectus and Statement of Additional Information,
dated August 1, 2011, are incorporated by reference into
this summary prospectus.
Investment
Objective
The North Carolina Tax-Exempt Bond Fund (the Fund)
seeks current income exempt from federal and state income taxes
for North Carolina residents without undue risk.
Fees and Expenses
of the Fund
This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund. You may qualify for sales
charge discounts if you and your family invest, or agree to
invest in the future, at least $50,000 in RidgeWorth Funds. More
information about these and other discounts is available from
your financial professional and in Sales Charges on page 90
of the Funds prospectus and Rights of Accumulation on
page 91 of the Funds statement of additional
information.
Shareholder
Fees
(fees paid directly from your
investment)
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A Shares
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I Shares
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Maximum Sales Charge (load) Imposed on Purchases (as a % of
offering price)
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4.75%
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None
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Annual
Fund Operating Expenses
(expenses that you pay each year as
a percentage of the value of your
investment)
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A Shares
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I Shares
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Management Fees
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0.55%
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0.55%
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Distribution (12b-1) Fees
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0.15%
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None
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Other Expenses
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0.09%
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0.09%
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Total Annual Fund Operating Expenses
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0.79%
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0.64%
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Example
This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual
funds. The Example assumes that you invest $10,000 in the Fund
for the time periods indicated. The Example also assumes that
your investment has a 5% return each year and that the
Funds operating expenses remain the same and you reinvest
all dividends and distributions. Although your actual costs may
be higher or lower, based on these assumptions your costs would
be:
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1 Year
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3 Years
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5 Years
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10 Years
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A Shares
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$
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552
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$
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716
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$
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894
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$
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1,411
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I Shares
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$
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65
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$
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205
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$
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358
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$
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802
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Portfolio
Turnover
The Fund pays transaction costs when it buys and sells
securities (or turns over its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example, affect the
Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 49% of the average value
of its portfolio.
Principal
Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its
net assets (plus any borrowings for investment purposes) in
municipal securities with income exempt from U.S. federal
and North Carolina state income taxes. Issuers of these
securities can be located in North Carolina, Puerto Rico and
other U.S. territories and possessions. The Fund may invest
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August 1,
2011
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1
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Summary Prospectus
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up to 20% of its assets in securities subject to the
U.S. federal alternative minimum tax. The Fund may also
invest a portion of its net assets in certain taxable debt
securities.
In selecting investments for purchase and sale, the Funds
Subadviser, StableRiver Capital Management LLC
(StableRiver or the Subadviser), tries
to manage risk as much as possible. Based on the
Subadvisers analysis of municipalities, credit risk,
market trends and investment cycles, the Subadviser attempts to
invest more of the Funds assets in undervalued market
sectors and less in overvalued sectors. There are no limits on
the Funds average weighted maturity or on the remaining
maturities of individual securities. The Subadviser tries to
diversify the Funds holdings within the State of North
Carolina. The Subadviser also tries to identify and invest in
municipal issuers with improving credit and avoid those with
deteriorating credit. The Subadviser may retain securities if
the rating of the security falls below investment grade and the
Subadviser deems retention of the security to be in the best
interests of the Fund.
Principal
Investment Risks
You may lose money if you invest in the Fund. A Fund share is
not a bank deposit and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government
agency.
Debt Securities Risk: Debt securities, such as bonds,
involve credit risk. Credit risk is the risk that the borrower
will not make timely payments of principal and interest. Changes
in an issuers credit rating or the markets
perception of an issuers creditworthiness may also affect
the value of the Funds investment in that issuer. The
degree of credit risk depends on the issuers financial
condition and on the terms of the securities. Debt securities
are also subject to interest rate risk, which is the risk that
the value of a debt security may fall when interest rates rise.
In general, the market price of debt securities with longer
maturities will go up or down more in response to changes in
interest rates than the market price of shorter term securities.
Concentration Risk: The Funds concentration of
investments in securities of issuers located in the State of
North Carolina may subject the Fund to economic and government
policies of the State.
Municipal Securities Risk: Municipal securities can be
significantly affected by litigation, political or economic
events, as well as uncertainties in the municipal market related
to taxation, legislative changes or the rights of municipal
security holders. Municipal securities backed by current or
anticipated revenues from specific projects or assets can be
negatively affected by the inability of the issuer to collect
revenues for the projects or from the assets.
Non-Diversification Risk: The Fund is non-diversified,
which means that it may invest in the securities of relatively
few issuers. As a result, the Fund may be more susceptible to a
single adverse economic or regulatory occurrence affecting one
or more of these issuers, and may experience increased
volatility due to its investments in those securities.
Performance
The bar chart and the performance table that follow illustrate
the risks and volatility of an investment in the Fund. The
Funds past performance (before and after taxes) does not
indicate how the Fund will perform in the future. The Fund
commenced operations on March 21, 2005. Performance between
January 8, 2004 and March 21, 2005 is that of the CCMI
Tax-Exempt North Carolina Bond Fund, the Funds
predecessor. The performance of the predecessor fund has not
been adjusted to reflect the Funds A Share expenses. If it
had been, performance would have been lower. Updated performance
information is available by contacting the RidgeWorth Funds at
1-888-784-3863 or by visiting www.ridgeworth.com.
This bar chart shows the changes in performance of the
Funds I Shares from year to year.*
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Best Quarter
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Worst Quarter
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6.54%
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-5.20%
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(9/30/09)
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(12/31/10)
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* |
The performance information shown above is based on a
calendar year. The Funds total return for the six months
ended June 30, 2011 was 4.23%.
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Summary
Prospectus |
2
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August 1, 2011
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The following table compares the Funds average annual
total returns for the periods indicated with those of a broad
measure of market performance.
AVERAGE ANNUAL
TOTAL RETURNS
(for periods ended
December 31, 2010)
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Since
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1 Year
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5 Years
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Inception*
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A Shares Returns Before Taxes
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-0.04%
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3.09%
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3.09%
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I Shares Returns Before Taxes
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0.11%
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3.22%
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3.13%
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I Shares Returns After Taxes on Distributions
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-1.16%
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2.96%
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2.76%
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I Shares Returns After Taxes on Distributions and Sale of
Fund Shares
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0.09%
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3.03%
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2.81%
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Barclays Capital U.S. Municipal Bond Index (reflects no
deduction for fees, expenses or taxes)
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2.38%
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4.09%
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4.02%
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* |
Since inception of the predecessor fund on January 8,
2004.
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After-tax returns are calculated using the historical highest
individual U.S. federal marginal income tax rates and do
not reflect the impact of state and local taxes. Your actual
after-tax returns will depend on your tax situation and may
differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax
deferred arrangements, such as 401(k) plans or individual
retirement accounts (IRAs). After-tax returns are
shown for only the I Shares. After-tax returns for other share
classes will vary.
Investment
Adviser and Subadviser
RidgeWorth Investments is the Funds investment adviser
(the Adviser). StableRiver Capital Management LLC is
the Funds Subadviser.
Portfolio
Management
Mr. Chris Carter, CFA, Director of StableRiver, has managed
the Fund since March 2005.
Purchasing and
Selling Your Shares
You may purchase or redeem Fund shares on any business day. You
may purchase and redeem A Shares of the Fund through financial
institutions or intermediaries that are authorized to place
transactions in Fund shares for their customers. Please contact
your financial institution or intermediary directly and follow
its procedures for fund share transactions. The Fund offers I
Shares to financial institutions and intermediaries for their
own accounts or for the accounts of customers for whom they may
act as fiduciary agent, investment adviser, or custodian. Please
consult your financial institution or intermediary to find out
about how to purchase I Shares of the Fund.
The minimum initial investment amounts for each share class are
shown below, although these minimums may be reduced or waived in
some cases.
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Class
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Dollar Amount
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A Shares
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$2,000
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I Shares
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None
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Subsequent investments in A Shares must be made in amounts of at
least $1,000. The Fund may accept investments of smaller amounts
at its discretion. There are no minimums for subsequent
investments in I Shares.
Tax
Information
The Fund intends to distribute income that is exempt from
regular federal and North-Carolina income taxes. A portion of
the Funds distributions may be subject to North-Carolina
or federal income taxes or to the federal alternative minimum
tax.
Payments to
Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a financial
intermediary, such as a broker-dealer or investment adviser, the
Fund, the Adviser or the Distributor may pay the intermediary
for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the
broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask
your financial intermediary or visit your financial
intermediarys website for more information.
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August 1,
2011
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3
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Summary Prospectus
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